Bitcoin’s price has fallen to approximately $48,200. That’s Bitcoin’s lowest price since March 8 and a 33% drop from its all-time high of $64,445 on April 14.
Other cryptocurrencies have performed even worse than Bitcoin: Ethereum, XRP, and Uniswap have each fallen by at least 10% in the last 24 hours.
One announcement that has been attributed to the downturn to President Biden’s recent proposal to increase capital gains tax—levied whenever a profit or loss is made upon the sale of an asset, for instance, Bitcoin. The proposal would increase capital gains taxes for the wealthiest of Americans to 40%.
